USDⒼ
Carbon Grouped USD Token
About USDⒼ (Carbon Grouped USD Token)
USDⒼ consists of a basket of fully backed U.S. dollar (USD) pegged stablecoins (e.g. USDC from ETH and axlUSDC from Axelar) that are minted into a single USDⒼ token.
These stablecoins can be redeemed from their issuer for one United States dollar, without going through 3rd parties (such as LPs like Curve or exchanges like Binance).
All features on Demex use USDⒼ instead of its constituent tokens (e.g. axlUSDC and USDC).
View the full list of currently supported USDⒼ constituent assets and their supply on Carbonscan.
Deposits and Withdrawals
Deposits
Any stablecoins from the USDⒼ basket that are deposited into Demex are automatically converted to USDⒼ at a 1:1 rate. There are 0 fees involved in auto-conversion into USDⒼ.
How To Deposit & Convert:
Go to the USDⒼ Deposit Page
Select the stablecoin in your wallet that you want to deposit into Demex
Choose a network to deposit from
After clicking on 'Deposit', verify and authorize the transaction on your wallet
Use Carbonscan to track the status of your transaction
Once confirmed, the deposit will show up as USDⒼ instead of the stablecoin you initially deposited, as it will be auto-converted.
If you have existing stablecoins that are not converted to USDⒼ yet, read the migration guide here.
Withdrawals
withdrawn from Demex are automatically converted to their constituent tokens at a 1:1 rate. There are 0 fees involved in auto-conversion from USDⒼ.
How To Withdraw:
Go to the USDⒼ Withdrawal page
Select the constituent stablecoin that you would like to withdraw and convert from Demex
Choose a network to withdraw from
Enter the recipient address
After clicking on 'Withdraw', verify and authorize the transaction on your wallet extension
User Carbonscan to track the status of your transaction
Select the correct network
It is important to select the appropriate network while depositing or withdrawing tokens to prevent the possibility of losing them.
To avoid any possible losses, make sure to select the correct network. Learn More
Rebalancing
Users may withdraw a specific constituent token from USDⒼ by selecting the preferred constituent token and network to withdraw to.
The amount of each token that can be withdrawn in a group will depend on the liquidity available. If there is insufficient liquidity for a particular asset, the user will have to wait for the group to be rebalanced by other users.
View the current weight of underlying assets available in USDⒼ on Carbonscan.
How Rebalancing Works
If there are numerous withdrawals of USDC (ETH), the balance of USDC (ETH) may become depleted or run low. Users will see this error message:
When this happens, please wait for the team to rebalance or withdraw a different constituent token.
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